IL HB5042

Raises the bonding threshold for Illinois Department of Transportation and Toll Highway Authority public works contracts from $500,000 to $10,000,000.

Increases the mandatory bonding threshold for local governmental units from $150,000 to $5,000,000 for public works projects.

Allows local governmental units to optionally require bonds for public works contracts valued at $5,000,000 or less by ordinance or resolution.

Extends the current bonding requirement provisions from January 1, 2029 to January 1, 2034.

Maintains existing surety requirements that bond companies must be licensed by the Department of Insurance with a minimum A- financial strength rating.